I don't think you can hedge at these high prices.
I am not an iron ore expert but I am guessing these are all based on futures contracts. And a quick google tells me the Futures prices drops significantly in a year
https://www.cmegroup.com/trading/metals/ferrous/iron-ore-62pct-fe-cfr-china-tsi-swap-futures.html
Ann: High Grade Ore Sales Commenced from Koolan Island, page-274
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